The UN organization UNCTAD published a report on digital assets, urging governments of developing economies to restrict or ban their advertising.
The document is titled: “Not All That Glitters Is Gold: The High Price of Unregulated Cryptocurrencies”.
Analysts highlighted the risks of losing monetary sovereignty, reduced policy space, and macroeconomic stability vulnerabilities due to the popularisation of digital assets.
The authors emphasised that it is not technical but political in nature and is intended to study risks, costs, motivations, and the current regulatory landscape from that perspective.
In addition to banning cryptocurrency advertising, experts proposed mandatory registration of users’ digital wallets, regulation of the DeFi sector and licensing of crypto exchanges’ activities.
To reduce the attractiveness of such operations, UNCTAD recommended introducing new or increasing existing trading fees, and for banks to be prohibited from holding or offering digital assets.
Central banks were urged to issue CBDCs and study the deployment of fast payment systems for the public.
As noted earlier, cryptocurrencies were mentioned by the Intergovernmental Panel on Climate Change under the UN as a risk to the environment.
Earlier, experts from the organization stated that attacks on Bitcoin exchanges serve as a source of funds for North Korea’s nuclear programmes.
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